#2. Let us say that in a two-firm economy, firm 1 has a constant marginal cost MC1 = 2 for producing good 1 and firm 2 has a constant marginal cost MC2 = 3 of for producing good 2. All 100 people in this economy have a utility function of the form U = X1X2 where X1 is the quantity of good 1 consumed and X2 is the quantity of good 2 consumed. Assume that the economy produces 3,000 units of good 1 and 2,000 units of good 2.
(a) Would it be consistent with a competitive equilibrium for each person to consume 30 units of good 1 and 20 units of good 2?
(b) Would it be consistent with a competitive equilibrium for half the population to consume 10 units of good 2 and 15 units of good 1 while the other half to consume 30 units of good 2 and 45 units of good 1? Explain your answer.
(c) If the prices of goods 1 and 2 are P1 = 2 and P2 = 3, respectively, what income is needed by each person to achieve the competitive equilibrium allocation in part (b) of this problem?
(d) If each person had the utility function U = 4X1 + 2X2, would it ever be efficient for society to produce the second good? Explain your answer
Answers
(a) To determine whether it is consistent with a competitive equilibrium for each person to consume 30 units of good 1 and 20 units of good 2, we need to check whether these quantities satisfy the conditions of a competitive equilibrium.
In this case, the total quantity demanded for good 1 is 3,000 (30 units per person x 100 people), which equals the total quantity supplied. Similarly, the total quantity demanded for good 2 is 2,000 (20 units per person x 100 people), which also equals the total quantity supplied. Therefore, it is consistent with a competitive equilibrium for each person to consume 30 units of good 1 and 20 units of good 2.
(b) No, it would not be consistent with a competitive equilibrium for half the population to consume 10 units of good 2 and 15 units of good 1 while the other half to consume 30 units of good 2 and 45 units of good 1. This is because the marginal rate of substitution (MRS) for each person would not be equal to the ratio of the prices of the two goods. In other words, the allocation would not be Pareto-efficient.
For example, the MRS for a person consuming 10 units of good 2 and 15 units of good 1 would be (MU1/MU2) = (1510)/(21) = 75, while the MRS for a person consuming 30 units of good 2 and 45 units of good 1 would be (MU1/MU2) = (4530)/(21) = 675. The ratio of the prices of the two goods is 2/3. Since the MRS for the first person is not equal to the MRS for the second person, the allocation is not Pareto-efficient and is therefore not consistent with a competitive equilibrium.
(c) To find the income needed by each person to achieve the competitive equilibrium allocation in part (b), we can use the budget constraint for each person, which is given by:
P1X1 + P2X2 = Y
where Y is the person's income. Substituting the prices and quantities from part (b), we get:
2(15) + 3(10) = Y/2 (for half the population)
2(45) + 3(30) = Y/2 (for the other half of the population)
Solving these equations for Y, we get Y = 90 for the first group and Y = 270 for the second group. Therefore, the income needed by each person to achieve the competitive equilibrium allocation in part (b) is $90 for the first group and $270 for the second group.
(d) Yes, it would be efficient for society to produce the second good if each person had the utility function U = 4X1 + 2X2. The reason is that the marginal rate of substitution (MRS) for this utility function is not constant, but varies depending on the quantities of the two goods consumed. Therefore, the allocation that maximizes total utility will depend on the relative prices of the two goods. If the price of good 2 is low enough, consumers will be willing to substitute more of good 2 for good 1, and it will be efficient for society to produce more of good 2.
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Related Questions
What type of loan uses real estate for security?
A point of sale
A line of credit
. A disclaimer (it’s not disclaimer)
A second mortgage
Answers
Answer:
A second mortgage loan uses real estate for security
The following are affected by the business structure you choose when you start your
business.
O a.
day-to-day operations, personal liability, and business name.
O b.
day-to-day operations, business location, and taxes.
О с.
profitability, personal liability, and taxes
O d.
day-to-day operations, personal liability, and taxes.
1
Answers
When you start business, the business structure you choose can affect your day-to-day operations, personal liability, and taxes.
What is a liability?Liability refers to the legal responsibility for one's actions or debts. It is an obligation to pay or perform something to another party. Liability can arise from various sources, such as contractual agreements, statutory laws, or common law. For instance, when a person borrows money from a bank, they have a liability to repay the loan amount to the bank within a certain period, according to the terms and conditions of the loan agreement. Liability can also arise from a person's actions or omissions that result in harm or damage to others. In such cases, the person may be held liable for the damages caused and may have to compensate the affected parties for their losses.
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Choose an advertisement that you found to be especially memorable. Describe the
advertisement and explain how effective it is. Discuss the techniques you would have
used to make it more effective.
Answers
Answer:
use the droritos commuecials those were good
Explanation:
Sean works at Rowen Corp., an environmentally conscious apparel manufacturing company. He primarily focuses on the tastes and needs of the firm's customers. He achieves this by managing a team that regularly interacts with customers through various promotional activities and events. He also provides insights on how to produce eco-friendly outfits through his specialized knowledge of cost-efficient manufacturing processes. This implies that Sean:_______.a) is an HR professional.
b) encourages centralized decision making.
c) is a knowledge worker.
d) encourages a narrow business focus.
e) belongs to the external labor market.
Answers
Answer:
c) is a knowledge worker
Explanation:
A knowledge worker is an individual who is skillful, experienced, educated and whose duty is to apply his or her thinking creativity on the job. According to Peter Drucker, a knowledge worker is someone who is innovative and creative in terms of developing new products and services and one who always find a better way of doing things.
The job of a knowledge work is very complex hence involves expertise on the subject field. A knowledge worker most often develop new ideas and strategies to meeting needs of people rather than focusing on manual and repetitive work. Example of knowledge workers includes but not limited to engineers, scientists, physicians, lawyers etc.
HELP PLEASE, THIS IS TIMED!!!!!!
Answers
Explanation:
I think the answer it's c
a financial plan is most influenced by
Answers
Answer: priorities and goals
Explanation: because
The financial plan is most influenced by priorities and goals Option(b) is correct.
What does Financial Plan means?Overall utilization, a financial plan is a complete assessment of a singular's ongoing compensation and future financial state by utilizing current known factors to foresee future pay, resource values and withdrawal plans.
In business, a financial plan can allude to the three essential financial assertions monetary record, pay explanation, and income proclamation) made inside a field-tested strategy. Financial estimate or financial plan can likewise allude to a yearly projection of pay and costs for an organization, division, or division.
A financial plan can likewise be an assessment of money needs and a choice on the most proficient method to raise the money, like through getting or giving extra offers in an organization A financial plan might contain forthcoming financial explanations, which are comparative, however unique, than a financial plan. Financial plans are the whole financial bookkeeping outline of an organization. Complete financial plans contain all periods and exchange types.
Therefore Option(b) is correct.
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(c) Verify that the mix of sales units to be sold at the break-even point for each product line will generate a zero net income. Tiger Golf Accessories CVP Income Statament $ 소 $ 1 + e $ e Textbook and Media Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown below are unit cost and sales data. Pairs of Shoes $104 60 $44 Pairs of Gloves $29 10 Unit sales price Unit variable costs Unit contribution margin Sales mix Range- Finder $245 204 $41 $19 36 % 45 % 19 % Fixed costs are $659,690.
Answers
To verify that the mix of sales units to be sold at the break-even point for each product line will generate a zero net income, we need to calculate the break-even point for each product line. The break-even point is the level of sales at which the total costs equal total revenues, resulting in zero net income.
Using the given unit sales price, unit variable costs, and fixed costs, we can calculate the contribution margin per unit for each product line. The contribution margin is the amount of revenue that contributes towards covering the fixed costs and generating profit.
Once we have calculated the contribution margin per unit, we can use it to calculate the break-even point in units for each product line. The break-even point in units is the number of units that need to be sold to cover the fixed costs and generate zero net income.
By verifying that the mix of sales units to be sold at the break-even point for each product line will generate a zero net income, we can ensure that the company is not operating at a loss and is able to cover its costs. This analysis can also help the company make informed decisions about pricing, sales mix, and cost management to achieve profitability.
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What is the answer I chose the one I thought was the answer
Answers
Answer: I think that ones the answer too
Answer:
c is
Explanation:
Differentiate between the two common selling methods of LIFO and FIFO
Answers
Answer:
see below
Explanation:
LIFO and FIFO are methods applied to calculate the cost of goods sold.
FIFO stands for First In, First Out. This method assumes that the oldest inventory in the company stores is sold first. Inventory means finished goods, work-in-progress, raw material, or purchased goods.
LIFO stands for Last in, First out. Under this valuation methods, the assumption is that the most recent inventory will sell first. Inventory will be valued using the costs of the last unit to arrive.
Niat ny mau bikin dua akun tapi malah kesasar :(
Answers
Answer:
I'm lost and I don't understand your language
winston is classified as a grantor trust because harry, the donor, can revoke the trust. consequently, winston need not file an annual form 1041, and harry reports the trust items on his own form 1040.
Answers
Winston is classified as a grantor trust because Harry, the donor, can revoke the trust. This means that Winston does not need to file an annual form 1041, and Harry reports the trust items on his own form 1040.
The grantor trust is a type of trust where the grantor retains certain control or benefits over the trust property. In this case, Harry's ability to revoke the trust qualifies it as a grantor trust.
The conditions of a trust refer to the terms and rules established for the trust. These conditions can include who the beneficiaries are, how the trust property is to be managed and distributed, and any restrictions or limitations on the trust assets. In the given scenario, the condition of the trust is that Harry can revoke it, which classifies Winston as a grantor trust.
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how should the entries to a schedule of accounts payable be ordered
a. by date received
b. alphabetically by vendor name
c. by amount due from most to least
d. by date due
Answers
The entries in a schedule of accounts payable would be ordered alphabetically by vendors name.
What is the use of a schedule of accounts payable?A schedule of accounts payable is a list of all the vendors in the ledger of accounts payable to whom the business is currently indebted, together with the balances of their current accounts. In other words, the accounts payable schedule is a list of everyone to whom the company owes money in the accounts payable systems in alphabetical order.
There are two key benefits to using the accounts payable schedule. This schedule, first and foremost, enables managers as well as the accounts payable division to keep track of and arrange the vendor accounts that need to be paid. For instance, the majority of manufacturers and retailers purchase inventory and products from other companies.
Cash payments for these transactions are uncommon. Instead, the buying business merely places the acquisition on credit and pays the vendor within 30 days well after purchase. This technology accelerates corporate operations and makes it simpler for enterprises to purchase things.
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Answer: d. by date due
Explanation: I just took the test.
Does anyone have a perfect competition business example?
Answers
Answer:
Perfect competition is a type of market structure where products are homogenous and there are many buyers and sellers. ... Whilst perfect competition does not precisely exist, examples include the likes of agriculture, foreign exchange, and online shopping.
Explanation:
Outline a prospecting Strategy or process you could use at Scott, Bruce & Douglas and who else might be involved? Explain why it is important to have a strategy?
Answers
At Scott, Bruce & Douglas, a prospecting strategy could involve identifying target markets, conducting market research, creating a prospecting plan, utilizing various prospecting methods, and involving a team of sales representatives, marketing professionals, and customer relationship managers.
Having a strategy is important as it provides a systematic approach to finding potential customers, maximizing sales opportunities, and effectively allocating resources.
To implement a prospecting strategy at Scott, Bruce & Douglas, the first step would be to identify target markets based on factors such as industry, location, size, and specific needs. Market research would then be conducted to gather information on potential customers within these markets. This research would help in understanding customer preferences, pain points, and buying behaviors.
Based on the market research findings, a prospecting plan would be created, outlining the goals, target audience, prospecting methods, and timelines. The plan would involve utilizing various prospecting methods such as cold calling, email marketing, networking, social media outreach, and attending industry events.
Involving a team of sales representatives, marketing professionals, and customer relationship managers is crucial in executing the prospecting strategy effectively. Sales representatives would be responsible for direct outreach and engagement with potential customers, while marketing professionals would support content creation, lead generation, and campaign management. Customer relationship managers would ensure ongoing relationship building and nurturing with prospects.
Having a strategy is important because it provides a structured and organized approach to prospecting. It helps in identifying the most promising markets and customers, optimizing resource allocation, and maximizing sales opportunities. A strategy also ensures consistency and alignment within the sales and marketing team, enabling them to work towards common goals and targets. Additionally, a well-defined strategy allows for better tracking and evaluation of results, enabling adjustments and improvements for future prospecting efforts.
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6. How will a court decide whether it should order Berner to refrain from using the term
air door?
Answers
Air curtains are frequently used to keep flying pests, dust, debris, and wind out of a building. Air curtains form an air barrier between the conditioned interior air and the outside air.
What is the purpose of an air door?An air curtain, also known as an air door, is a machine that creates an air seal by blowing a controlled stream of air across an opening to the other side. This seal separates two environments while allowing for a continuous flow of traffic and unobstructed vision through the opening.
To lock or unlock, simultaneously press and hold the left and right arrows for 5 seconds; the Locked light will illuminate. If the PASScode option is enabled, any attempt to unlock the control will result in the display of PASS followed by a 0000 prompt for a four-digit unlock code.
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Smith invests in stocks and securities. Which is the highest regulating body in the country, which acts as an “advocate” for investors like Smith?
A. Financial Industries Regulating Association
B. Securities and Exchange Commission
C. American Institute of Certified Public Accountants
D. Government Accounting Standards Board
E. State Board for Accountancy
Answers
Answer:
B. Securities and Exchange Commission
Explanation:
The Securities and Exchange Commission is the government agency that oversees and regulates the financial market for securities: bonds and stocks.
The SEC also regulates the financial information that public companies (companies that trade stock in the open market) present to the public, by demanding the publishing of financial statements every 3 months.
What can be used to customize how the data is tracked in the Conversions
column
Answers
Answer:
The answer is "Include in Conversions setting".
Explanation:
It may or may not want to include information from a conversion action in your reporting row "Conversions." For each one of your transfer actions, you can set its configuration. So, how it can include some categories of conversions to not include others, therefore, it can use Conversions to change how well the data throughout the Conversions section is monitored.
which of the following is a limitation of a global strategy? global firms may improve sales by not being responsive. it uses differentiated processes in its value chain. standardized products may not meet the needs of customers in particular countries. it is typically a low-cost strategy.
Answers
A limitation of a global strategy is that standardized products may not meet the needs of customers in particular countries. (Option C).
What is Global Strategy?A global strategy involves offering standardized products or services across different markets, often with a focus on achieving economies of scale and cost savings. However, this approach can also result in a lack of customization and flexibility to meet the unique needs and preferences of customers in different countries.
Therefore, companies using a global strategy may face the challenge of adapting their products or services to different cultural and regulatory contexts to satisfy local customer needs and preferences.
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for a product 'x', when price falls from $20 to $10, quantity demanded increases from 50 units to 100 units. what is the price elasticity of demand for product x ?
Answers
When the price of product X falls 50%, the demanded quantity increases 100%. The price elasticity of demand for product X is 2.
Price elasticity of demand measures how sensitive the change in demanded quantity to the change in price.
price elasticity of demand = % change in quantity / % change in price
Data from the problem:
% change in demanded quantity = (100 - 50) / 50 x 100% = 100%
% change in price = (10 - 20)/20 x 100% = 50%
Hence,
price elasticity of demand = 100% / 50% = 2
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assume the real rate of interest is 3.00% and the inflation rate is 6.00%. what is the value today of receiving 12,327.00 in 9.00 years?\
Answers
The value today of receiving $12,327.00 in 9.00 years, considering a real interest rate of 3.00% and an inflation rate of 6.00%, is approximately $5,426.60. The calculation is shown in the attached image below.
The real interest rate is the nominal interest rate (the rate at which money is borrowed or lent) adjusted for inflation. It represents the actual return on an investment or the cost of borrowing after accounting for the eroding effects of inflation.
The inflation rate measures the percentage change in the general price level of goods and services in an economy over a specific period of time. It is often expressed as an annual percentage. Inflation erodes the purchasing power of money over time, as prices generally rise.
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Do you believe that his message on that aspect of life is sound, biblically speaking? Explain. Your answer should reflect careful thinking.
Answers
Answer:
Shakespeare's message on that aspect of life is sound biblically speaking.
Explanation:
Because the way he mad Hamlet become over the story gives you a perspective on how events and change can form a person, and make them become something that they never were before.
In which year the first school in the whole world was opened?
Answers
Jamie and Peter Dawson own 220 shares of Duke Energy common stock. Duke Energy’s quarterly dividend is $0.86 per share. What is the amount of the dividend check the Dawson couple will receive for this quarter? (Round your answer to 2 decimal places.)
Answers
Answer:
$189.20
Explanation:
Quarterly amount of dividend check = quarterly dividend per share x number of shares.
Quarterly dividend = $0.86
number of shares = 220
Check amount = 220 x $0.86
= $189.20.
Cheers.
What is the problem in transition economies?
Answers
The problem in transition economies is excessive use of specialized terms is one of the main the difficulties in translating economic texts.
The transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions.
The transition economies suffered from a lack of entrepreneurs and entrepreneurship, which make it more difficult to reform their economies and promote market capitalism.
In addition, there was also a skill gap with few workers having the necessary skills required by employers in the newly privatised firms.
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help me pleaseeeeee its confusing i will give 100 due to brainliest
Answers
Answer:
unfortunately I am not available for a new role at this point but would like the following to be a quick update as I have now set the following email address for you to send me the information you needed for my application and the application forms and I want to make the necessary for photosynthesis to the sender if they have been accepted by me
If the exchange rate for buying Japanese Yen is 12 Yens per Dollar, how many
Yens do you need to buy 200 Dollars for? show working please
Answers
Answer:
2,400 Yens
Explanation:
exchange rate for buying Japanese Yen is 12 Yens per Dollar
1 dollar : 12 Yens
how many Yens do you need to buy 200 Dollars for?
Let
x = number of Yens needed
200 dollars : x Yens
Equate the ratios to find x
1 dollar : 12 Yens = 200 dollars : x Yens
1/12 = 200/x
Cross product
1 * x = 12 * 200
x = 2,400
x = number of Yens needed = 2,400 Yens
Answer:
2400 yen
Explanation:
smort
Which is a characteristic of judging approach
Answers
Answer:
Clarity and Closure
Explanation
Judgers take a planned, ordered, and precisely calibrated approach to life, developing both short- and long-term plans to assist them in achieving their objectives. For them, schedules and "to-do" lists are consoling. They dislike uncertainty and change, preferring to know what they are getting into instead.
Those that have this preference feel more in control of their surroundings. They are disciplined and resolute, seeking resolution as soon as possible to reduce stress. Judgers struggle with open-ended plans because they have a "work first-play later" mentality. Instead of addressing issues as they arise, they would prefer to devise three distinct backup plans.
Judgers take their obligations and deadlines very seriously, both in business and in life. They are quite particular.
What is product positioning?
Answers
Answer:
Product positioning is a strategic exercise that defines where your product or service fits in the marketplace and why it is better than alternative solutions. The goal is to distill who your audience is, what they need, and how your product can uniquely help. Product positioning is the basis of your marketing story.
Explanation:
what was he effect of Amazon on the local economy in the 2010's
. How did technology help this company gain dominance?
Answers
Positive Effects of Amazon on the local economy in the 2010s are Job Creation, Economic Growth, Innovation, and Technological advancement. Negative Effects are Disruption of Traditional Retail, Labor and Working Conditions, etc.
Amazon's impact on the local economy in the 2010s can be described as significant and transformative. The company's rapid growth and expansion had both positive and negative effects on various aspects of the local economy.
Positive Effects:
Job Creation: Amazon created a substantial number of jobs, both directly within its fulfillment centers, customer service centers, and corporate offices, and indirectly through its network of third-party sellers and delivery partners. This contributed to employment opportunities and economic growth in the regions where Amazon established its operations.
Economic Growth: Amazon's presence stimulated economic activity in the form of increased consumer spending, business-to-business transactions, and investments in infrastructure. Local businesses benefitted from increased sales through Amazon's marketplace platform.
Innovation and Technological Advancements: Amazon's emphasis on technology and innovation influenced the local economy by fostering a culture of entrepreneurship and driving advancements in logistics, e-commerce, cloud computing, and artificial intelligence. This created opportunities for tech startups and contributed to the overall technological development of the region.
Negative Effects:
Disruption of Traditional Retail: The rise of Amazon posed a challenge to brick-and-mortar retailers, particularly small businesses. Many local retailers struggled to compete with Amazon's vast product selection, competitive pricing, and convenient online shopping experience, leading to closures and job losses in the retail sector.
Labor and Working Conditions: Amazon faced criticism for its labor practices and working conditions in its fulfillment centers. Concerns were raised about long hours, high productivity expectations, and inadequate worker benefits, which sparked debates about worker rights and labor regulations.
Impact on Local Businesses: While some local businesses thrived by leveraging Amazon's platform for sales and distribution, others faced difficulties in competing with the company's scale and resources. Small retailers and independent sellers sometimes found it challenging to differentiate themselves and maintain profitability in the face of intense competition.
Technology played a pivotal role in Amazon's dominance. The company leveraged technology in several ways:
E-commerce Platform: Amazon's user-friendly website and robust e-commerce infrastructure provided customers with a seamless online shopping experience, allowing them to easily browse and purchase a wide range of products.
Logistics and Supply Chain Management: Amazon's use of technology in logistics and supply chain management enabled efficient inventory management, fast order fulfillment, and reliable delivery services. This gave Amazon a competitive edge in terms of speed and reliability.
Data Analytics: Amazon leveraged customer data and advanced analytics to personalize product recommendations, optimize pricing strategies, and enhance the overall customer experience. This data-driven approach allowed Amazon to continuously improve its offerings and increase customer satisfaction.
Cloud Computing: Amazon Web Services (AWS), the company's cloud computing platform, provided a reliable and scalable infrastructure that supported its own operations and offered cloud services to businesses worldwide. AWS became a significant revenue generator for Amazon, contributing to its growth and dominance.
Overall, Amazon's use of technology helped it gain dominance by offering convenience, selection, and competitive pricing to customers, while continuously innovating and optimizing its operations based on data and advanced technologies.
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the cost of estimated accounts receivable that will not be collected is referred to as
Answers
Answer: bad debt expense